Polygon, a decentralised Web3 infrastructure and Ethereum scaling solution, has launched Polygon zkEVM (zero-knowledge Ethereum Virtual Machine), a layer 2 solution that leverages zero-knowledge proofs to offer seamless transactions buoyed with reduced costs and increased throughput.
The batching of transactions support allows for significant reduction of gas fees, while it also supports faster settlement of deposits and withdrawals – an attractive aspect for DeFi developers.
Advancing Web3 infrastructure
The zkEVM also offers frictionless functionality with all smart contracts, wallets and developer tools, tapping into the same robust security that secure the Ethereum blockchain.
Polygon zkEVM also allows for developers to migrate decentralised applications (dApps) from EVM-compatible chains via a simple switch of nodes. They don’t have to change the code, tooling or smart contracts when they migrate from EVM-compatible to zkEVM.
The solution thus boasts the three main features that are crucial to the Web3 ecosystem – scalability, security and Ethereum-compatibility – which Polygon co-founder Mihailo Bjelic called the “holy grail of Web3 infrastructure.”
“Until now, it has not been practically possible to offer all these properties at once. Polygon zkEVM is a breakthrough technology that finally achieves that, thus opening a new chapter of mass adoption,” he commented.
The L2 solution supports seamless minting of NFTs, Web3 gaming and enterprise applications. In all these, developers get the benefits of higher throughput and low fees (Polygon believes its zk-rollups can cut fees seen on the Ethereum network by 90% and that a future off-chain feature could push the fees even lower).